US Stocks Tank as Dow Falls Over 1,500 Points on Trump Tariff Uncertainty
U.S. stocks are taking a beating Thursday morning after President Donald Trump unveiled reciprocal tariffs against more than 180 countries.
On April 5, the White House plans to impose a 10% tariff on all countries. It also plans to impose higher individualized reciprocal tariffs on the countries with which the United States has the largest trade deficits starting April 9.
The Dow Jones Industrial Average has fallen by more than 1,500 points, or 3.6%, following the news, while the Nasdaq fell over 900 points, or more than 5%, and the S&P 500 fell over 200 points, or 3.9%.
The uncertainty around tariffs comes as Hollywood is gearing up for upfront presentations with Madison Avenue in April and May.
A recent survey of 100 advertising decision-makers conducted by the Interactive Advertising Bureau in February found that 94% of respondents expressed concerned about the impact of tariffs on ad spending. Of those, 57% said they were “extremely concerned” and 37% are “somewhat concerned.”
Traditional media and social advertising are expected to see the largest budget reductions, while connected TV and online video may be more resilient, per IAB.
In media stocks, Lionsgate Entertainment shares fell 7.6% to $7.34 per share, while Lionsgate Studios fell 7.2% to $7.03 per share. Warner Bros. Discovery stock fell 7.6% to $9.76 per share, Disney shares have fallen over 5% to $92.15 per share and Fox Corp dropped 4.7% to $50.49 per share. Paramount tumbled 2% to 11.64 per share, while Comcast fell 1.7% to $35.96 per share.
In tech stocks, Amazon fell 9.5% to $177.22 per share, Apple fell 8.4% to $205.07 per share, Meta fell 8% to $536.94 per share, Alphabet fell 3.8% to $152.72 per share and Netflix slid 1.38% to $922.57 per share.
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